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Tuesday, November 21, 2006

Stanhi Downtown Las Vegas High Rise Condo Project Announces Exclusive VIP Condo Release


If you've driven by downtown Las Vegas recently, you surely noticed the success of Sam Cherry's high rise condo projects. Soho Lofts towers over Charleston as a nearly completed high rise loft project where several unit owners are already moving in. Likewise, construction work continues on Soho's sister project, the Newport Lofts. Now, here's the question to ask yourself: in a city where high rise project after high rise project seems to be canceled, what are the odds of a twice-successful developer pulling a trifecta with a third downtown Las Vegas project?

Pretty good, I would think. And therein lies your opportunity with the newly released Stanhi Tower. Rising 45 stories at 500 feet, Stanhi will be the tallest building in Las Vegas' downtown, and will feature stunning views of the entire Las Vegas valley. Located at Third Street and Gass, Stanhi will offer the most building amenities of any Cherry project, and will rival those of the finest boutique hotels and world class resorts. Valet and concierge service, 24 hour doorman, cool/dry storage for deliveries, 8th floor pool, Jacuzzi, spa like facilities, work out room, business center, garden and pet areas, and 35th floor Zen garden observation deck, will all be included.

Units in Stanhi will range from 700 to 900 square feet and will be built out as one bedroom and one bath, with the majority of floor plans offering a den that can be built out as a second bedroom. Standard finished will include floor to ceiling window walls, a stainless steel appliance package, granite countertops, European style cabinetry, kitchen islands, and tile or stone flooring in the kitchen and bathroom. Bathroom standards will include a Japanese style soaking tub, glass enclosed shower, and modern finishes! Popular options will include sliding room partitions, various wood flooring choices, complete furniture packages, and the ability to combine adjacent units to create larger living areas or additional bedrooms.

The "Z" floorplan is 850 square feet and initial pricing is from the mid $500K's to low $600K's. Floorplan "Y" consists of 756 square feet with pricing beginning from the high $400K's to the mid $500K's. And Floorplan "X" will go in the high $500K's to the mid $600K's for the 893 square foot unit.

If you're interested in reserving a unit, the project is going directly to contract where you'll need 10% down with an additional 5% at start of construction, beginning in the first quarter of 2007, with completion and first move-ins occurring the first part of 2009. SoHo Lofts was a huge success as is the Newport Lofts project. There's no reason to think Stanhi will be any different. And at phase 1 pricing, Stanhi may be an excellent way to get into that downtown Las Vegas high rise lifestyle and perhaps make a buck or two in the process.

Friday, November 10, 2006

Sullivan Square Emerges as Southwest Las Vegas' Best High Rise Condo Opportunity

The "live-work-play" concept is alive and well at the Sullivan Square high rise condo project in Southwest Las Vegas. After touring the project and getting an in-depth presentation of exactly what the Sullivan Square vision is, I'm affectionately referring to this project as the "anti-strip" high rise condo opportunity - and a phenomenal high rise condo opportunity at that!

Sullivan Square - Click to Reserve a Unit

It's anti-strip because it's all about community. It's quite ordinary. The Sullivan Square neighborhood will contain pedestrian-friendly streets, with a central park reminiscent of the classic New York location, surrounded by a variety of housing alternatives, including high rise towers, terraces, live/work spaces, Chicago-style lofts, and brownstones designed to save open space, reduce car dependence, and tighten community ties. With no condo-hotel component, they're not looking for the transient buyer here. While the project is investor-friendly, this high rise condo project really appeals to the person looking to live in Las Vegas either on a permanent basis or as a second home destination. This project features all the amenities you expect from a high rise condo development, plus neighborhood conveniences including specialty markets, independent shops, cafes, and other personal services within walking distance of your front door.

With architecture influenced by early 1900's New York and Chicago building structures combined with modern-day technology, Sullivan Square is located in the heart of the Southwest valley at Durango and Sunset and is being developed by Glen, Smith & Glen Development. Besides winning the 2005 NAIOP Spotlight Award, GSG is no stranger to Las Vegas development with successful projects such as The Park at Warm Springs, The Park at Spanish Ridge (I and II) and the Park at Northpointe all under their belt. We all know how important it is to bring a successful developer to the table on Las Vegas high rises these days. What's even better is that the project has been 100% completely funded to the tune of $800 million dollars already by privately-owned Harcourt Developments based out of Dublin, Ireland who boasts a pretty impressive resume as well.

That's the two biggest obstacles of high rise development (lack of financing and lack of developer experience) already overcome with Sullivan Square. Being in on literally the ground floor of a project such as this makes Sullivan Square an excellent opportunity. The third obstacle becomes price, and this high rise project is so new, specific pricing isn't even available yet. But from what I've seen so far, it'll be in range with other quality projects in the current high rise marketplace (high $300s to over 1 million), but for so much more value than you'll see elsewhere. The project is currently taking reservations for one, two, and three bedrooms (plus penthouse levels) in their first 20-floor tower right now.

But perhaps the most unique aspect of Sullivan Square will be "Market Street", a 2-block row of shops and services aimed to provide residents with everything they'll need to live life in Las Vegas to the fullest, just steps away from your door. From delis, cafes, bakeries, butchers, etc., residents will have it all - and we're not talking about Starbucks-like companies. Sullivan Square is going out of its way to make these shops available to the mom and pop shops of the world... Like is was in the old country.

With a great location, great price-points, and a truly unique aspect of Las Vegas life, folks this is your chance to get into a solid project and take advantage of the Las Vegas high rise condo market even if you''ve thought you already "missed it". In general, all you need for a completely refundable reservation is $5,000 and groundbreaking is expected to begin in the first quarter 2007. I'm ranking this project as one of the "best bets" for 2007. Get in now and see for yourself. And if you own a small boutique shop that may work well on Sullivan Square's Market Street, this may be your opportunity for a whole new lifestyle...